Simpson Thacher represents Blackstone Real Estate Partners and affiliates (“Blackstone”) in their proposed acquisition of all of the issued stapled securities in Valad Property Group (“Valad”). The acquisition is to be undertaken by way of court-approved schemes of arrangement in Australia. Closing is subject to receipt of Valad securityholder and regulatory approvals, among other conditions to be satisfied or waived.
Valad is a real estate investment group listed on the Australian securities exchange with an approximate enterprise value of A$692 million. Its business comprises direct investments in real estate in Australia and New Zealand, co-investments in real estate developments and funds in Australia and Europe, and its European real estate funds management business (which is estimated to have approximately A$7.2 billion in assets under management).
This proposed acquisition follows the acquisition by Blackstone of Valad convertible notes with a total face value of A$185 million on April 26, 2011.
The Simpson Thacher team advising Blackstone on these transactions includes Farhad Karim, Erik Quarfordt, Nathan Hagerman, Elizabeth Jin, Brian Ferry (Real Estate); Patrick Naughton, Emin Altiparmak, Kevin O’Connor (M&A); Jonathan Karen, Peter Gilman, Gareth Earl, Sam Wilson, Shannon O’Sullivan, Michael Johnson (Funds); Makiko Harunari, Jonathan Hwang (Finance); Meredith Jones, Nancy Mehlman, Seojung Park (Tax); David Vann and Etienne Renaudeau (Antitrust); and Jeanne Annarumma (Executive Compensation and Employee Benefits). Paralegals Lana Nourouz and Daniel Katt also provided assistance.